The year 2020 was not good for the real estate industry because of the global impact of the Covid-19 pandemic and the lockdown. However, with homebuyers and investors returning to the market and some new emerging trends, 2021 positively looks encouraging for the sector.
According to industry experts, the real estate market in 2020 has been about being accommodative, collaborative, and understanding, not just in real estate but across all sectors and industries. Despite the unusual stresses on the housing market, residential real estate is on a high as the demand for 3 BHK flats for sale in Hyderabad and other cities is rising.
As expected, the October-December quarter saw robust housing sales across the top cities which are mainly due to multiple offers and discounts offered by real estate developers and short time stamp duty cuts in different states. These discounts and offers collectively gave homebuyers overall financial benefit on the property cost, depending on the project, amenities, etc. Further, lower home loan interest rates are also attracting potential buyers.
This rising demand to own homes and luxury villas in Hyderabad has been further fastened by pandemic induced urgencies coupled with the ongoing favorable period amidst these schemes and offers. What we are seeing currently is organic demand driven by the desire to own homes. In case the various discounts and offers are taken back, demand will remain intact even though sales may decrease. Without demand, these deal offers wouldn’t have been effective.
Moreover, developers will continue to feed demand with offers and schemes even in 2021. Besides, home loan interest rates will not contract anytime soon as it is quite clear that rising interest rates would impact overall demand at a time when the government is interested to boost consumption. Therefore, it is expected that housing demand will continue to grow forward as owning a home has gained top priority for even new age millennial.
Real estate developers say that during the unlock phase the real estate sector saw uptick in sales and demand, which is expected to further grow in 2021. Housing for All by 2022 and PMAY have accelerated the supply of affordable housing units, which again will be a key growth factor for real estate in 2021. Investment in the infrastructure, industrial, and the institutional sector will create better job prospects in key markets and simultaneously push the demand for residential units. Projects having environment-friendly features and green living will see demand from new-age home buyers. It is expected that more end users would like to buy flat in Hyderabad rather than living in rented accommodations post Covid-19.
It is expected that this trend will continue in fiscal 2021-22. Various infra projects and urban development around highways will produce new realty avenues and more employment that will turn into higher demand for residential units and commercial spaces. Buying a home will be the top priority for people after Covid-19. Affordable housing will be more in demand due to low-interest rates and other benefits. The luxury segment like luxury flats in Hyderabad will also see a major shift towards offering facilities for work from home as an emerging culture.